Banks Passed Up Share Sale of Uber

Banks Passed Up Share Sale of Uber

The potential fees and reputation which could be gained from working on Uber’s Initial Public Offering are what ever bank looks for. However, at least two investment banks passed on selling shares of Uber to their high net work clients due to lack of financial details on its business.

“The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion. “

~Bloomberg

JP Morgan Chase & Co and Deutsche Bank turned down the chance to offer their clients the option to invest in Uber. At the end, Bank of America and Morgan Stanley sold their shares earlier this year through the private wealth divisions. The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion. If it were to go public at the valuation, it would have a higher valuation than almost 90 percent of the companies in the S&P 500 Index .